Varex Imaging Corp

Listed Company

VREXCIK 0001681622NasdaqAcceleratedElectronic Components, NecDelawareFY ends Oct 2

Period

FY 2025

Revenue

$844.60M

Net Income

$-70.30M

Total Assets

$1.11B

Equity

$472.60M

Shares Out

41.90M

Op. Cash Flow

$41.70M

Business

Varex Imaging Corp is an innovator, designer and manufacturer of X-ray imaging components and stand-alone X-ray based systems for medical, security and industrial applications. Its main products and services include X-ray tubes, flat panel and photon-counting detectors, linear accelerators, high-voltage connectors, coolers, image-processing and diagnostic software, and aftermarket service and replacement components. The company reports two operating segments—Medical (components for CT, mammography, oncology, dental and other diagnostic modalities) and Industrial (cargo/security screening, non‑destructive testing and inspection systems). Products are sold globally across the Americas, EMEA and APAC primarily to OEMs, system integrators, distributors, independent service companies and end‑users.

Summary from filing dated 2025-11-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenues, net	845	811	893	859	818
Cost of revenues	554	554	603	576	547
Gross profit	291	257	290	284	272
Research and development	91	87	85	77	72
Selling, general, and administrative	133	138	128	118	126
Impairment of goodwill	94	0	0	—	—
Total operating expenses	318	225	213	195	197
Operating (loss) income	−28	32	77	88	74
Interest income	9	7	4	400,000	100,000
Interest expense	−36	−30	−29	−40	—
Other expense, net	−4	−4	−20	−4	−4
Interest and other expense, net	−31	−27	−46	−44	−46
(Loss) income before taxes	−59	5	31	45	29
Income tax expense (benefit)	11	53	−17	14	11
Net (loss) income	−70	−48	48	31	18
Less: Net income attributable to noncontrolling interests	400,000	500,000	500,000	500,000	500,000
Net (loss) income attributable to Varex	−70	−49	47	30	17
Basic (in USD per share)	−1.7	−1.2	1.18	0.76	0.44
Diluted (in USD per share)	−1.7	−1.2	1.07	0.73	0.43
Basic (in shares)	41	41	40	40	39
Diluted (in shares)	41	41	50	42	40

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	145	169	153	89	145
Marketable securities	10	32	41	—	—
Accounts receivable, net of allowance for credit losses of $2.1 million and $1.0 million at October 3, 2025 and September 27, 2024, respectively	157	158	164	173	155
Inventories, net	299	265	278	303	225
Prepaid expenses and other current assets	31	27	23	44	30
Total current assets	642	650	658	610	554
Property, plant, and equipment, net	158	153	144	141	140
Goodwill	198	291	289	285	292
Intangible assets, net	14	16	22	34	51
Investments in privately-held companies	25	27	29	46	49
Deferred tax assets	3	1	41	2	4
Operating lease assets	29	28	29	23	24
Other assets	39	47	38	43	33
Total assets	1,107	1,214	1,250	1,184	1,148
Accounts payable	70	59	65	78	59
Accrued liabilities and other current liabilities	98	79	83	81	90
Current operating lease liabilities	4	4	4	4	6
Current maturities of long-term debt, net	2	46	2	2	3
Deferred revenues	13	8	10	7	9
Total current liabilities	187	196	163	173	167
Long-term debt, net	366	397	441	412	432
Deferred tax liabilities	6	4	0	500,000	2
Operating lease liabilities	24	23	23	18	19
Other long-term liabilities	38	50	42	34	32
Total liabilities	621	670	669	638	651
Preferred stock, $0.01 par value: 20,000,000 shares authorized, none issued	0	0	0	0	—
Common stock, $.01 par value: 150,000,000 shares authorized; shares issued and outstanding: 40,860,965 and 40,529,573 at June 28, 2024 and September 29, 2023, respectively	400,000	400,000	400,000	400,000	—
Additional paid-in capital	483	467	450	469	449
Accumulated other comprehensive loss	−5	−3	−1	100,000	0
(Accumulated deficit) retained earnings	−6	64	118	64	34
Total Varex stockholders' equity	473	529	568	533	483
Noncontrolling interests	14	14	13	13	13
Total stockholders' equity	487	543	576	543	497
Total liabilities and stockholders' equity	1,107	1,214	1,250	1,184	1,148

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Share-based compensation expense	15	15	14	14	14
Depreciation	23	21	20	19	21
Amortization of intangible assets	4	10	14	15	17
Deferred taxes	−500,000	38	−39	600,000	−3
Loss from equity method investments	3	2	2	3	3
Impairment of equity method investment	0	0	16	0	0
Amortization of deferred loan costs	3	3	3	11	10
Gain on purchase of business	0	−2	0	0	—
Inventory write-down	4	5	6	6	4
Other, net	−2	2	3	4	1
Accounts receivable	100,000	7	10	−18	−33
Inventories, net	−40	7	20	−85	43
Prepaid expenses and other assets	−4	3	7	10	−900,000
Accounts payable	6	−3	−15	20	−14
Accrued liabilities and other current and long-term liabilities	100,000	−9	−1	−15	12
Deferred revenues	6	−2	2	0	600,000
Net cash provided by operating activities	42	47	108	17	93
Purchases of property, plant, and equipment	−23	−27	−21	−21	−15
Loss on settlement of cash flow hedge	0	0	−200,000	−500,000	0
Proceeds from sales of marketable debt securities	12	0	0	—	—
Proceeds from maturities of marketable debt securities	51	59	28	—	—
Purchase of marketable debt securities	−31	−57	−52	−19	0
Purchase of marketable equity securities	0	−200,000	−3	−2	0
Purchase of certificates of deposit	0	−4	−1	−7	0
Proceeds from maturities of certificates of deposit	3	2	0	—	—
Settlement of net investment hedge	—	0	7	0	0
Settlement of net investment hedge	−800,000	0	—	—	—
Acquisitions of businesses, net of cash acquired	0	900,000	−1	0	0
Other, net	−800,000	−1	−2	−1	300,000
Net cash provided by (used in) investing activities	10	−28	−45	−48	−16
Taxes related to net share settlement of equity awards	−2	−2	−1	−3	−2
Proceeds from issuance of senior secured notes	127	0	0	—	—
Repayments of borrowings	−202	−2	−2	−29	−33
Proceeds from exercise of stock options	0	0	200,000	4	0
Payment of debt issuance costs	−1	−2	0	0	0
Proceeds from shares issued under employee stock purchase plan	3	4	4	5	3
Other, net	−1	−1	−500,000	−300,000	−2
Net cash used in financing activities	−76	−3	−200,000	−24	−32
Effects of exchange rate changes on cash and cash equivalents and restricted cash	600,000	−100,000	100,000	−200,000	−100,000
Net (decrease) increase in cash and cash equivalents and restricted cash	−23	16	63	−56	44
Cash paid for interest	31	28	27	30	22
Income taxes paid, net of refunds	19	20	17	2	14
Purchases of property, plant, and equipment financed through accounts payable	5	1	3	2	2

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